investment in NIGERIA basic information for United States businessmen KSY U. S. DEPARTMENT OF COMMERCE Sinclair Weeks, Secretary For sale by the Superintendent of Documents, U. S. Government Printing Office, Washington 25, D. C. - Price $1 Foreword This study is one in a series of handbooks on foreign countries prepared by the U. S. Department of Commerce primarily to meet the needs of potential investors. The information furnished in this handbook is not intended to serve in lieu of the legal, financial, or business surveys which businessmen customarily make before investing abroad; rather the study attempts to acquaint businessmen with the general features of Nigeria's economy and its resource development potentialities. Such information will also make this document à useful reference for importers and exporters. Africa is a continent in transition with rapid economic, social, and political changes occurring throughout the area. American businessmen, investors, and traders alike, are desirous of contributing more fully to African progress. For many areas, however, the limited available information has been a handicapping factor in facilitating expanded AfricanAmerican trade and investment relations. The Federation of Nigeria, with its rich underdeveloped resources, vast area, and dense population, ranks among the important African areas, yet it is possibly among the least known to American businessmen. For this reason, the present study not only surveys the basic economic resources of Nigeria but places special emphasis on underlying social and political factors which American businessmen will find useful in evaluating Nigeria as a field for investment and trade. It is recognized that questions may arise in the minds of businessmen which could not be anticipated, or, for lack of space, fully covered. The U. S. Department of Commerce invites requests for additional information and assistance. Such inquiries should be addressed to any Field Office of the Department of Commerce or to the Near Eastern and African Division, Bureau of Foreign Commerce, U. S. Department of Commerce, Washington 25, D. C. It is planned to keep the basic information in this handbook up to date through the Department's World Trade Information Service series, issued in four parts, which should be consulted for subsequent information on economic, administrative, and legal developments affecting private foreign investment. Current developments are reported in the Department's magazine, Foreign Commerce Weekly. Subscriptions to the Foreign Commerce Weekly and to the reports of the World Trade Information Service may be purchased from any Field Office of the Department of Commerce or from the Superintendent of Documents, U. S. Government Printing Office, Washington 25, D. C. Under the direction of Herbert J. Cummings, Director, Near Eastern and African Division, the study was prepared by Bernard Blankenheimer, Chief, African Section, Near Eastern and African Division, in collaboration with Richard V. Fischer, U. S. Foreign Service Officer on detail to the Division, and Joyce L. Lebois, International Economist, Near Eastern and African Division. Both the text and appendixes draw heavily on information supplied by Federal and Regional Government officials in Nigeria and by private business groups operating industrial and commercial establishments in the Federation of Nigeria. Ralph H. Hunt, Consul General at the Consulate General, Lagos, rendered invaluable assistance by supplying basic information and by offering constructive suggestions for improving the initial draft of the manuscript. Acknowledgments are due to the United Africa Company (Nigeria), Ltd., for their courtesy in providing a chart on their activities in Nigeria; to the Nigerian Federal Information Service for basic maps and photographs; and to the International Economic Analysis Division, Bureau of Foreign Commerce, for their aid in preparing certain statistical tables and charts. Every effort was made to include the most current information available at the time this handbook went to press. Generally, the cutoff date for most of the material was late 1956, but every attempt was made to include important changes through March 1957. APRIL 1957. H. C. MCCLELLAN Assistant Secretary for International Affairs |